RETRENCHING
A year after recording the largest underwriting loss in the company’s 100-year history, State Farm eclipsed it in 2023. The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion underwriting loss for property lines outpacing almost $4 billion of improvement in State Farm’s auto results.
This article will explain the details on key developments that could shape the insurance industry's future, affecting individuals and businesses alike. Addressing noteworthy changes, potential challenges, and offers a comprehensive perspective on the evolving insurance landscape at the national level.